Copper Mountain raises exploration funds

IAS, as lead underwriter on behalf of a syndicate, has agreed to buy, on a bought deal basis, more than 13-million common shares in Copper Mountain at a price of C$1.15 each.

Copper Mountain has also agreed to grant the underwriters the option to purchase an additional 15% of the aggregate gross proceeds of the offering, on the same terms and conditions, exercisable in whole or in part, at any time for up to 30 days following the close of the offer, which is expected around November 26.

The copper miner said on Tuesday that proceeds from the capital raise will be used for regional exploration in Australia, eand to advance the development of the Eva copper project, in Queensland, as well as for general corporate purposes.